Futures Slip after Jobless Claims, Weakness in China; BAC, GMCR Drop

By Avi Salzman

Stock futures were pointed slightly lower on Thursday after HSBC released more data showing contraction in China’s manufacturing sector. The news rippled through European markets overnight and has put a damper on pre-market U.S. trading. News out of Europe was mixed. Investors showed a taste for Spanish bonds, allowing the country to raise €4.8 billion, ahead of expectations for €4.5 billion. But a euro zone composite PMI fell to its lowest level since 2009, worse than expected.

U.S. jobless claims fell by 3,000 to 382,000 last week. “The 4 week average is now 378k vs 376k last week to the highest since late June,” noted Miller Tabak strategist Peter Boockvar. Manufacturing activity in Philadelphia comes out at 10 a.m.

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